Fund managers expect economy to grow but warn of sluggish progress April 3, 2011 ALMOST two thirds (63 per cent) of fund managers believe the UK economy will grow over the next 12 months, a survey revealed today. However, a majority of fund managers (54 per cent) expect the economy to only “marginally” improve, as sluggish growth looks likely to stall the recovery. Faith in sterling nonetheless remains strong, [...]
ECONOMISTS’ VIEWS: IS THE UK ON COURSE TO BOUNCE BACK IN QUARTER ONE? April 3, 2011 SIMON WARD | HENDERSON I am encouraged by the strength of employment expectations in EU surveys for March, suggesting that firms have weathered recent events with their optimism intact. PHILIP SHAW | INVESTEC We expect to see GDP rebounding by 0.8 per cent in the first quarter of the year. That would reflect around 0.5 [...]
Manufacturers oppose rate rise April 3, 2011 A sustained economic recovery in the UK “cannot be taken for granted,” manufacturers’ group EEF said today. “Interest rates must remain on hold until much stronger evidence emerges of a healthier economy,” said EEF economist Lee Hopley. “Any bounce back in the first quarter will not necessarily signal a rebound in economic fortunes,” she added. [...]
Weak recovery in the Eurozone April 3, 2011 Growth in the Eurozone will be sluggish in 2012, while the single currency area faces strong downside risks, Ernst and Young’s spring economic forecast will state today. The euro area economy is recovering “at a much slower pace than expected,” with forecast GDP growth of just 1.5 per cent this year and 1.7 per cent [...]
Travelex eyes another sale April 3, 2011 FOREIGN exchange company Travelex is poised to appoint bankers to advise on the sale of its global business services, as it builds up cash reserves to expand its currency services in global markets. Travelex’s global business services operation is currently the largest non-bank provider of foreign exchange services to businesses and financial institutions. A source [...]
Goldsmiths owner on the block for up to £200m April 3, 2011 JEWELLER Aurum Holdings, owned by failed Icelandic bank Landsbanki, has been put on the block for as much as £200m. Aurum, which owns 165 Mappin & Webb, Watches of Switzerland and Goldsmiths stores, posted core earnings of £16.1m, up 53 per cent, on like-for-like sales of £326m in the year to 30 January 2011. Aurum [...]
Tesco launches website for used-car sales April 3, 2011 SUPERMARKET chain Tesco yesterday launched an online used-car sales service, giving customers access to thousands of pre-checked vehicles at set prices. To avoid the pitfalls usually associated with buying a second-hand vehicle, all cars will undergo an RAC inspection and be provided with full service history and details of any damage. Tesco claims the service [...]
CITY MOVES | WHO’S SWITCHING JOBS April 3, 2011 Bibby Financial Services The invoice finance specialist has appointed Andy Leopold as sales director for the south, based in London. Leopold, who has been promoted from the role of sales director for London and Hastings, brings more than 19 years’ experience working in the financial services sector. He will be responsible for securing new business [...]
BEST OF THE BROKERS April 3, 2011 TATE & LYLE RBS rates the UK speciality food producer “buy” and ups its target price from 580p to 625p following a positive trading update and the sale of its Fort Dodge ethanol plant to Cargill for £36m. Though the sale is at a significant shortfall to the £234m of investment it had made, the [...]
WALL STREET WEEK AHEAD April 3, 2011 THE Standard & Poor’s 500 index is poised to hit its highest mark in nearly three years this week after more signs of life from the jobs market, but think twice before betting the house. Many investors are coming to the view that the US employment situation has turned a corner, but the risks that [...]